Not filing I-T returns can affect visa applications

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If you are planning to travel abroad, be sure your Income Tax Returns has been filed before the due date for easier processing of visa application, Income Tax Department has cautioned.

For individuals and entities whose books of accounts are not required to be audited, December 31, 2021 is the last date for filing returns for the Assessment Year 2021-22 (Financial Year 2020-21).

As of now, there is no indication from the Income Tax Department about any further extension.

In an advertisement, the Department said that filing on time will also help in receiving full refund and for hassle-free access to loans and credit facilities.

Listing the consequences for not filing, the Department said the assessee is liable for interest. Also, certain unadjusted losses cannot be carried forward.

As the IT return is one of the basic requirements for visa applications to most countries and the ITR should be the latest one, the Income Tax Department appears to be under-scoring this to caution late filers.

If not filed on or before December 31, 2021 the assessee gets three more months to do so but with costs. First, she/he will be required to pay ₹1,000 as late filing fee, if the annual income is less than ₹5 lakh. For others, the late filing fee is ₹5,000. This fee is over and above the penal interest on the tax due.

Source from: https://www.thehindubusinessline.com/money-and-banking/not-filing-i-t-returns-can-affect-visa-applications/article38050744.ece